*** ACCA P7 March 2018 Exam was.. Instant Poll and comments ***

Q1 (a)
(1) Audit risk 14 marks; (2) professional skepticism 9 marks.
(b) (1) significant component (2) risk assessment 8 marks

I voted for easy! It really was, but I run out of time. This was my first attempt and I don’t think I will pass. Also, English is not my native language so I need more time to write 🙁
From part B I wrote for Q3 and Q5. Q5 was based on final review with 3 parts

Q1 – first I thought that it’s new client too, but then I realised that probably it’s not. According to the previous exam papers, the examiner always tell us if it is a new client so I didn’t write about opening balances.

My first attempt of this paper and it was so time pressured!

I done Q4 first within the 36 minutes and then Q1. I didn’t spend time to plan Q1 which is why I think my answer was messy & I panicked and over run on time. I only wrote minimal points for 1a and then 1b as I had to move onto the other questions so I know I am no where near a 50% pass on this question.

I think it might be a retake in June 🙁

with the component auditor part in question 1 what were they asking for?.and what were they asking for in question 2

Is it me who is thinking P2 stuff was mostly examined in Q1 and not used much in other questions?
Or have I dreadfully missed to spot a whole load of standards being relevant in other questions? (I did 3 and 4 optional ones) Omg I hope not! Enough exams!!!!
(Not too good with P2 and hardly passed it too years ago now!)

@alisheikhacca said:
what is a significant component. i wrote that if that asset are more than 15% of group assets. Is it okay???

I wrote the same! I also got something 15% So let’s hope its right then!
Sig. Com decided with referral to a benchmark. I also took 15% as benchmark

For question 1 the part on risk assessment what should you have wrote?

@rositca said:
Q1 – first I thought that it’s new client too, but then I realised that probably it’s not. According to the previous exam papers, the examiner always tell us if it is a new client so I didn’t write about opening balances.

I’m sure it said it was a new client, only appointed during the year and that we were auditors for all subs but for one. And they also gave comments from the previous auditor. What made you realise it probably wasn’t? I’m worried now that I’ve totally misinterpreted the information given haha

@seancollins14 said:
for question 1 part c there was 8 marks.you hardly got the whole 8 marks for saying whether it was a component.there was probably 3 marks for doing a calculation and saying if its a component.but then there must have been 5 marks saying could you rely on his work?

I took it that it might have been 4 and 4 but I did struggle with the risk part of this question – I didn’t know what to really say. I mentioned that it was up to the component auditor to form an audit opinion on the FS of the sub but that we would need to assess when we consolidate *mind went blank at this*

I thought the paper was very fair and I would expect a good pass rate as last time.

I felt disappointed with my performance, I just lost my cool. I panicked when I found that Q1 was not business risks as expected. I was also hoping due diligence did not come up, even though it’s a straight forward topic, I left it out in my study.

It’s very dangerous to topic guess in this paper and I have paid the price.

I took on Q5. As soon as I walked out the door of the exam, the recognition of the pension came back to me. Also I gave an adverse opinion but again after looking back I should have given a qualified except for opinion.

I will try again in June as the memory is still fresh. I will try to sit a few mock papers under exam conditions, I think this would help me.

Good luck to everyone and lets get back on the horse for those of us who had a bad day.

Time pressure will cost me. Time overrun on q1 with 15 minutes, panic very much and went blank. Fail to pic enough risk from question. And reading from the remarks ash I have poorly performed on this one.

But anyway all the best to you all.

The exam was okay for well prepared students that plan their answers very well and keep mind on time.its unfurtunate i spent to much time on question 1trying to grap all the marks in the question and have 1:20min.left for the remaining 3Qs.i ended up not able to answer Q2 properly.so sad i fail in planimg my time. My first attempt
No shaking as get prepare for retake soon. as i understand historical pass rate for this paper is 33%.

I am in the same situation. This is my last exam and i have taken it 4 times now.
I was not prepared the first two times because i had P2 to deal with as well, and i got a 46% the last time .

I could have answer the whole exam and i think my aswers were good but i managed to do only about 70% of the exam, so if i fail it will be only due to time management. I have to learn how to make shorter points i guess because i literally cannot write any faster..i even gave myself a contracture.

it is so frustrating ..i dont understand the point of making things so hard for us, specially for those of us for whom english is not the first language.

i was thinking the next time i will just make loads of short point without trying to connect reasoning between phrases ( i think this is were i go wrong every time). It is hard becasue this is not what they do in their official answers.